Tipalti is launching its first-ever, end-to-end solution for accounts payable departments on the heels of news that the company secured an integration of its supplier payment solutions into the NetSuite SuiteCloud platform.
In an announcement on Wednesday (May 25), Tipalti revealed the rollout of an expanded AP platform that introduces new features for users, including invoice management, supplier onboarding, payment and reconciliation services.
Introducing these new capabilities, like invoice automation, the company said, means the AP platform is now a holistic, end-to-end solution for AP professionals.
Its digital invoice management capabilities include multiple channels through which suppliers can submit invoices, including a tool by which suppliers email their invoice and Tipalti automatically converts that document into one compatible for processing.
The invoice processing solutions are integrated with Tipalti's supplier onboarding and management tools, as well as payments, tax compliance and financial reporting capabilities, the company added.
Its new supplier management portal provides a self-service solution for suppliers to manage their contracts and enter payment details. The company has also launched a global payment remittance service to facilitate cross-border payments via ACH, paper check, wire transfer and other rails, according to Tipalti.
All data from each of these processes can be integrated with existing ERP solutions, including NetSuite. The new AP platform uses that information to provide real-time payment and financial reporting.
"For businesses looking to scale for growth without incurring additional AP staff, automating supplier payment operations [is] critical," said Tipalti Cofounder and CEO Chen Amit in a statement. "Not only do finance organizations need to contend with automated invoice workflow and complex remittance processes, they need to employee best practice financial and compliance controls to reduce risk."
The executive added that Tipalti's new AP platform provides "unmatched automation."
"CFOs and finance leaders have never been in a better position to redirect their finance organization to more strategic initiatives to add significant value to the rest of their enterprise," he said.